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Economy
'Vote YES on Prop 40': California Billionaire Tax Opposed by Newsom Gets Ballot Name
“In November, California voters will at last have a chance to make billionaires pay their fair share," said the coalition behind the proposal.
Jul 02, 2026
It's official: The proposed California Billionaire Tax Act, which last week was certified for November's election, has a ballot designation—Proposition 40.
"The people of California now have the opportunity to decide what kind of future they want,” Service Employees International Union-United Healthcare Workers West (SEIU-UHW) vice president Debru Carthan said on Thursday.
“Proposition 40 asks a simple question: At a time when hospitals are reducing services, working families are being squeezed, and essential services are under attack, should a few hundred billionaires contribute their fair share to protect the state that helped make their extraordinary wealth possible?" Carthan asked. "We believe Californians will answer with a resounding yes."
Drafted by SEIU-UHW, Prop 40 would impose a one-time 5% levy on people worth $1 billion or more, to be paid in annual installments of 1% over five years.
It’s official! The billionaire tax will be on the ballot as Prop 40. This November, Vote YES on Prop 40 to ensure billionaires pay their fair share to keep hospitals and ERs open. #BillionaireTaxNow
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— Billionaire Tax Now (@billionairetaxnow.bsky.social) June 30, 2026 at 1:31 PM
The bil would require the state to spend 90% of revenue from the tax on healthcare and the rest on food assistance and public education. Proponents say the tax would raise roughly $100 billion in revenue. Critics argue that it could drive wealthy residents and investment from California and stall economic growth.
Prop 40 supporters include the Teamsters union and progressive groups like the California Democratic Socialists of America (DSA) and Our Revolution, as well as individual progressives like Sen. Bernie Sanders (I-Vt.), Rep. Ro Khanna (D-Calif.), and Democratic congressional candidate Connie Chan, who is running to replace retiring longtime San Francisco Congresswoman Nancy Pelosi.
The measure is opposed by Republicans, business groups, the Democratic Party, and even some progressives, including Chan's opponent, state Sen. Scott Wiener (D-11).
Prop 40's most prominent Democratic opponent is California Gov. Gavin Newsom, whom critics accuse of trying to bamboozle voters with his recently unveiled plan for a national billionaire income tax. Some observers skeptical of the presumed 2028 presidential hopeful contend that his support for an income tax is rooted in knowledge that very rich people actually have relatively little income when compared with their investments and other assets.
Some progressive groups opposing Prop 40—including the California Teachers Association (CTA) and Planned Parenthood Affiliates of California—point out that it is a one-off tax on wealth, not income. CTA is backing a separate ballot measure, the Children’s Education and Health Care Protection Act, which would permanently extend Proposition 55, California’s existing high-income-earner tax, which is set to expire in 2030.
In response to Thursday's ballot designation, Billionaire Tax Now said in a statement that "the measure qualified for the ballot after supporters submitted more than 1.6 million signatures from Californians across the state—nearly twice the number required to qualify—making it one of the strongest citizen-led ballot qualification efforts in California history."
"Voters consistently support the billionaire tax by large, double-digit margins," the coalition continued. "For healthcare workers who have dedicated their lives to caring for patients, today’s news isn’t just welcome, it’s critical. With no other viable alternatives proposed by Gov. Newsom, the billionaire tax is the only available option to stop a cascade of hospital and clinic closures spurred by massive federal cuts in HR 1, known as President [Donald] Trump’s so-called 'Big, Beautiful Bill.'"
"In November," Billionaire Tax Now added, "California voters will at last have a chance to make billionaires pay their fair share to help prevent widespread hospital closures, through a commonsense ballot initiative that places a one-time 5% tax on the wealth of approximately 200 billionaires who reside in the Golden State."
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'July 4th BBQ Burn’: Reports Pin Blame for Sky-High Cookout Prices on Trump Policies
"Thanks to Trump’s tariffs and foreign wars, Americans won’t find any independence from inflation this Fourth of July.”
Jul 02, 2026
Having a July 4 barbecue will be significantly more expensive this year than it was a year ago, and two reports say President Donald Trump's policies are at least partly to blame.
In an analysis published Wednesday, the American Economic Liberties Project faulted Trump for not taking on the corporate concentration in the meatpacking industry, which the group argued was the single biggest contributor to a "July 4th BBQ burn" that will see Americans pay record prices for ground beef.
The report finds that even though Trump has tried to cut prices by lowering his tariffs to increase the supply of imported beef, they have not fallen due to the meatpacking oligopoly's power to keep prices high regardless of input costs.
In fact, the report says that prices have gone up by an additional 2% since Trump exempted beef imports from his tariffs last November.
The real problem, the report contends, is that just four companies process 85% of US beef, giving them enormous leverage over what consumers pay for the final product.
Even though three of these four firms have paid out tens of millions of dollars to settle price-fixing allegations, the report adds, none of them have been broken up.
Lori Wallach, director of the American Economic Liberties Project's Rethink Trade program, said the president's unwillingness to take on corporate power was hurting both consumers and cattle ranchers.
"Responding to a corporate-monopoly-driven price crisis with trade tools has caused a double whammy," said Wallach. "No relief for American consumers, and record floods of imported beef threatening the livelihoods of the ranchers who supported Trump."
"To bring prices down," Wallach added, "the administration must break up the big four beef packers that dictate terms to consumers and ranchers alike."
Katie Hettinga, policy analyst at Rethink Trade and lead author of the report, said that until Trump "breaks the power of dominant meat packers and grocery chains to keep prices high, American consumers will suffer."
A separate analysis published Tuesday by Groundwork Collaborative and The Century Foundation spotlighted the high price of not just beef, but other July 4 staples as well.
In addition to the price of beef, which has gone up by over 20% in the last year, the report finds the prices of prepared potato salad (23% year-over-year increase), ice pops (22% increase), and strawberries (20% increase) have all seen substantial rises.
And it's not just food items, as the prices of disposable forks (20% year-over-year increase) and aluminum foil (18% increase) have gone up dramatically as well.
Lindsay Owens, executive director at Groundwork Collaborative, said that Trump's tariffs on foreign goods and his illegal war with Iran, which caused the price of fertilizer to spike, both contributed to the price spikes.
"As Americans fire up the grill this Fourth of July, they’ll feel the heat of summer price hikes," said Owens. "As popsicle prices spike and air conditioning bills skyrocket, working families will be forced to sweat in the face of high price tags. Thanks to Trump’s tariffs and foreign wars, Americans won’t find any independence from inflation this Fourth of July.”
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Jobs Report Offers 'Grim Warning Signs' for Cash-Strapped Working Families Under Trump
"Working Americans increasingly report that their paychecks can't keep up with Trump's high prices, but are not confident they’ll be able to find better opportunities," noted one Groundwork Collaborative expert.
Jul 02, 2026
As President Donald Trump's team on Thursday tried to paint the June jobs report as positive, economists and congressional Democrats called it "weak" and "disappointing," with some also ripping the Republican administration's harmful policies, from sweeping tariffs and the Iran War to the mass detention and deportation of immigrants.
The nation's economy added just 57,000 jobs in June, or roughly half of what economists had anticipated, according to the latest monthly report from the US Bureau of Labor Statistics. BLS noted that "both the unemployment rate, at 4.2%, and the number of unemployed people, at 7.1 million, changed little in June."
The Department of Labor (DOL) agency also revised job gains down for May by 43,000 and April by 31,000, and said that "over the year, average hourly earnings have increased by 3.5%." That's notably lower than the 4.2% annual inflation rate detailed by BLS a few weeks ago, as Americans struggle to afford groceries, housing, and other basic necessities during Trump's second term.
"Today's weak jobs numbers are grim warning signs of a struggling labor market," Alex Jacquez, a former Obama administration official who is now Groundwork Collaborative's chief of policy and advocacy, said in a statement.
"Job gains reflect temporary seasonal hires and other workers separated from the broader economy while the majority of the labor force is frozen," he explained. "Working Americans increasingly report that their paychecks can't keep up with Trump's high prices, but are not confident they'll be able to find better opportunities. They're instead focused on trying to keep up with the president's price hikes."
Angela Hanks, a former DOL senior official who's now chief of policy programs at The Century Foundation, similarly called the report "yet more evidence of a fragile economy under President Trump, with job growth coming in well below expectations and sizable downward revisions to the last two months."
"While the unemployment rate dipped slightly to 4.2%, this number only tells us how many people are working—it doesn't tell you whether people can afford to live," she stressed. "The reality behind today's jobs numbers is that the cost of living continues to outpace paychecks: 43% of Americans now say they're worse off financially than they were a year ago, and year-over-year wage growth came in at 3.5%, below overall inflation of 4.2%—meaning that real wages are falling."
"Looking beyond the topline numbers, more than half of all June job growth was concentrated in healthcare and social assistance, continuing a trend of these sectors propping up much of our economy," she pointed out. "The labor force participation rate declined sharply and widely, with nearly every demographic group seeing declines, which partially explains the drop in the unemployment rate. Moreover, certain racial and age disparities actually worsened: Black youth unemployment rate rose to a whopping 26.8%, as did Hispanic youth unemployment, coming in at 20.1%—a reminder that this economy is not delivering for workers who are struggling the most."
Hanks added that “while Trump will surely tout this moderate job growth as a win, not long ago numbers like today's would have prompted serious concern. But families aren't grading Trump on a curve: They feel the impacts of this administration's chaotic and costly economic policies every day. Until working people can actually afford their lives—groceries, housing, healthcare, childcare—claims of a 'strong economy' will continue to ring hollow."
In line with Hanks' prediction, Trump's messengers attempted to frame the figures positively, with his press secretary, Karoline Leavitt, celebrating the declining foreign-born labor force amid the administration's deadly crackdown on immigrants, and her deputy, Kush Desai, claiming the report "reinforces that the American labor market remains solid."
Acting Secretary of Labor Keith Sonderling—whom the president earlier this week nominated for the permanent post—said that "Trump's America first agenda continues to provide greater wages for workers and certainty to the sectors which will fuel the next 250 years of US economic security."
Meanwhile, with the midterm elections just four months away, the Democratic National Committee's rapid response director, Kendall Witmer, declared that "Donald Trump's failed economic agenda has driven working families into a corner as Americans worry about how to find a job and keep up with sky-high prices. The reality for working families is undeniable: Trump has wrecked the economy, leaving millions wondering how they will make ends meet with no relief in sight."
"But Trump doesn't give a shit—he's only focused on building his vanity projects and using the power of the presidency to get even richer," added Witmer, just two days after the president's annual financial disclosures revealed that he pocketed an unprecedented $2.2 billion—over half of it from his family’s cryptocurrency grift—during his first year back in the Oval Office.
Congressman Ted Lieu (D-Calif.) took to social media over "another disappointing jobs report" and also called out GOP priorities, from erecting a giant arch in Trump's honor to putting his name on various items, including passports and the $250 bill.
As Lieu concluded, "November is coming."
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As Post-Quake Misery Mounts in Venezuela, Demand Grows for Total End to US Sanctions
"Anything short of a full lifting of sanctions will hobble the overall response before it gets off the ground," said a letter sent to Trump and Rubio by a coalition of advocacy groups.
Jul 01, 2026
As death and injury tolls from Venezuela's pair of devastating earthquakes last week continue to rise, a coalition of human rights and anti-war groups called on President Donald Trump and Secretary of State Marco Rubio on Wednesday to lift the US sanctions that have crippled the nation's economy.
"As long as sweeping economic sanctions remain in place and Venezuelan assets remain frozen abroad, reconstruction will be unnecessarily delayed, and millions of people will continue to suffer," said the letter, which was written by Just Foreign Policy, the Latin American Working Group, and Venezuelan American Community Action and shared exclusively with Common Dreams.
It has been signed by more than a dozen other groups, including the Center for Economic and Policy Research (CEPR), the Quincy Institute for Responsible Statecraft, Peace Action, and the Presbyterian Church's Office of Public Witness.
The earthquakes have killed nearly 2,300 people as of Wednesday, a death toll that is expected to rise, with the number of missing people greater than 40,000, according to an unofficial estimate. The United Nations' resident coordinator said the UN was preparing more than 10,000 body bags for the country "in anticipation of the death toll rising further."
The quakes caused $6.7 billion in damage, the equivalent of 6% of the country's gross domestic product, the UN Development Program estimated last week.
In the letter sent Wednesday, the groups welcomed the State Department's mobilization of support for Venezuela, which has included search and rescue teams, military personnel for disaster relief, and at least $150 million in humanitarian assistance through aid partners and the UN.
But they said, “It is clear that emergency relief alone will not be enough.”
"Venezuela’s recovery will require access to its own financial resources and the ability to import the equipment, construction materials, medicine, fuel, spare parts, and other goods needed to rebuild homes, hospitals, schools, roads, ports, and critical infrastructure," they said.
They said acquiring these needs has been made vastly more difficult by US sanctions that have "deliberately crushed Venezuela's economy, restricting the government's ability to import goods, maintain infrastructure, and deliver basic services to its population."
Even before the earthquakes, they pointed out, nearly a third of Venezuela's population was in need of humanitarian assistance in May, according to the UN Office for the Coordination of Humanitarian Affairs.
They said US "responsibility" for the state of Venezuela's economy has only grown since Trump's operation in January to topple and abduct President Nicolás Maduro.
Despite Venezuela's oil exports rising 25%, its economic growth plummeted to an annual rate of just 2.5% in the first quarter of 2026, according to an analysis of bank data by Francisco Rodríguez, a senior research fellow at CEPR, who said it was "the lowest rate of growth observed since the second quarter of 2021."
"The data suggests the US may be holding Venezuelan oil revenues in deposit accounts and not disbursing them to the Venezuelan government," the letter said, "currently leaving ordinary Venezuelans with too little of the promised economic improvement and directly contradicting the Trump administration's claim that Venezuelans are doing better than ever."
Given the US role in creating these conditions, as well as the role of US sanctions in turning Venezuela's economic crisis in the 2010s into one of the worst depressions of the last 50 years, the coalition said the Trump administration must not continue using economic warfare to force political concessions.
They also condemned calls from Democrats, including Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (NH) and House Foreign Affairs Committee Ranking Member Gregory Meeks (NY) earlier this month, for the Trump administration to "exercise its leverage" on Venezuela's current government, led by President Delcy Rodriguez, to push for democratic elections.
"The primary leverage the US has long held over Venezuela includes indiscriminate economic sanctions, alongside threats of military action that are illegal under US and international law," the coalition said.
"Using economic pressure against a civilian population as a political tool was unconscionable before this earthquake," they continued. "In its aftermath, any call to tighten that leverage, or to attach political conditions to aid or in exchange for a lifting of economic sanctions must be recognized for what it is—an act of collective punishment against long-suffering civilians who should not face further indiscriminate harm due to US policy."
The coalition said that the Trump administration's limited, temporary unfreezing of some sanctions to allow humanitarian relief transactions was "wildly insufficient," as it did not unfreeze other sanctions that have hamstrung Venezuela's economy.
"The Venezuelan government must be free to receive and allocate earthquake relief and to direct humanitarian support to those who need it most," the letter said. "Anything short of a full lifting of sanctions will hobble the overall response before it gets off the ground."
They called for the US to provide "massive humanitarian assistance" without political strings attached.
They also said the US must release Venezuelan oil revenues held in US accounts and pressure other countries like the UK and Portugal to do so as well.
"This is Venezuela’s money, and it is now urgently needed," the groups said. "Withholding it during a national catastrophe of this magnitude is indefensible."
They also called on the US to lift all sanctions on Venezuela, which they said "impede the delivery of humanitarian goods, reconstruction materials, and financial transfers needed for disaster response and economic recovery."
"The United States has a short window to demonstrate that its relationship with the Venezuelan people is not merely transactional," the letter concluded. "The scale of aid must match the scale of the harm the United States has played a role in creating. Anything less would confirm what many Venezuelans already fear: that American concern for their welfare begins and ends where American geopolitical and economic interests do."
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